Art

Sotheby’s Record-Breaking Fisher Landau Sale Price

The Fisher Landau auction was called a white glove sale.

Published November 9, 2023

Sotheby’s auction of works from the collection of Emily Fisher Landau, a New York philanthropist, has surpassed all expectations. The sale fetched a huge $406 million, with 31 lots selling for a collective $351 million. This total makes it one of the highest ever achieved for a single-owner collection at auction. The event attracted a packed house, with notable attendees including comedian Seth Meyers.

While the Fisher Landau auction’s total figure is remarkable, it, however, falls short of the record-breaking sales of the Macklowe collection and David Rockefeller’s collection.

Sotheby's Record-Breaking Fisher Landau Sale Price — Getty Images

The Macklowe collection and David Rockefeller’s collection had earlier fetched $676 million and $646 million, respectively. The Fisher Landau auction also achieved the coveted “white glove” status, meaning that every single lot found a buyer. However, it’s worth noting that these lots were backed by third-party guarantees, which helped offset financial risk. While some lots sold below their low estimates, the auction saw new records set for artists Agnes Martin and Mark Tansey.

Per reports, the evening sale kicked off with a stunning 1932 painting by Pablo Picasso. Bidding for the canvas, featuring Picasso’s early muse Marie-Thérèse Walter, started at $100 million and eventually reached a hammer price of $121 million. The final price, including fees, was $139 million, making it the second-highest price ever achieved for a Picasso at auction. After the Picasso sale, the momentum of the auction seemed to wane slightly. While multiple lots sold for over $20 million, they didn’t exceed the auction house’s expectations.

Ed Ruscha’s “Securing the Last Letter (Boss)” achieved the second-highest auction price for the West Coast artist, selling for $39.4 million. Mark Rothko’s 1958 canvas sold for $22 million, below its $30 million estimate. The Fisher Landau auction also highlighted the work of historically significant women artists. Agnes Martin’s “Grey Stone II” saw intense bidding and was hammered at a staggering $16 million, surpassing its low estimate of $6 million. This marked a new record for Martin, surpassing her previous record of $17.7 million.

Georgia O’Keeffe’s “Pink Tulip (Abstraction #77 Tulip)” also garnered attention, selling for $4.75 million. Compared to Christie’s sale of 21st-century art, Sotheby’s auction featured fewer living artists. However, Glenn Ligon’s textual work, “Untitled (I Lost My Voice, I Found My Voice),” stood out, selling for $3.2 million. While some collectors expected more from the auction, the success of the sale cannot be denied. The freshness of the works and their prestigious provenance generated excitement among bidders. However, caution prevailed due to the current state of the world and ongoing events.

FAQs

What was the total amount achieved in the Fisher Landau auction?

The Fisher Landau auction fetched an impressive $406 million.

Did all the lots in the auction find buyers?

Yes, the auction achieved “white glove” status, meaning every single lot was sold.

Were there any disappointments in the auction?

Some lots sold below their low estimates, but overall, the auction saw exceptional results.

Which artists set new records at the auction?

Agnes Martin and Mark Tansey set new records for their artworks.

What was the highlight of the auction?

The sale of Pablo Picasso’s 1932 painting, featuring his early muse Marie-Thérèse Walter, was a standout moment, achieving a hammer price of $121 million.

How did the auction compare to other record-breaking sales?

While the Fisher Landau auction’s total figure was impressive, it fell short of the record-breaking sales of the Macklowe collection and David Rockefeller’s collection.

Which women artists were featured in the auction?

Agnes Martin and Georgia O’Keeffe were among the historically significant women artists whose works were showcased in the auction.

Did any living artists stand out in the auction?

Glenn Ligon’s work, “Untitled (I Lost My Voice, I Found My Voice),” garnered attention and sold for $3.2 million.